相比之下，因美国政策对本国经济的拖累程度高于对全球其他地区的影响，新兴市场预计将从增长 差异扩大中受惠。虽然全球增长预期普遍下调，但美国经济放缓的速度或显著高于新兴市场。 新兴市场基本面相对保持强韧，近期表现优于发达市场国家。尽管财政赤字仍然存在，但许多新兴 市场国家的12个月平均财政赤字持续改善，令公共债务水平保持稳定，推动多个新兴市场的主权债信用 升级。美元走弱将有助于降低新兴市场公债与GDP的比率，创造更有利的外部环境。新兴市场央行政策 也具有支持性，由于一些新兴央行在疫情后提前加息，令通胀受控而货币亦保持稳定，因此有足够空间 推行松宽政策以提振国内需求。 新兴市场的信用利差处于较窄的范围内，但不同信用评级类别的分歧依然明显。新兴市场硬货币资 产更具吸引力，因此收益率及套利机会更为可观，相对价值高于其他信贷市场，此外还能根据全球宏观 环境及各国独有的基本面，判断表现较佳和落后的国家。即使在第二季度，新兴市场高收益主权债表现 亦相当稳健。 新兴市场债券此前虽然受到美国"对等关税"的一些负面影响，但在部分关税暂缓执行甚至取消后， 已经出现反弹。但值得注意的是，各领域表现分化，特别是对冲市场波动的本地利率收益 ...

Group 1 - Emerging market assets are experiencing a significant upward trend, with hedge funds focusing on emerging market bonds adopting risk mitigation strategies to secure double-digit returns [1][4] - Hedge funds have achieved an annualized return of nearly 13% from emerging market bonds, outperforming other asset classes [1][4] - The additional yield required by investors for holding emerging market sovereign bonds compared to U.S. Treasuries has recently reached a 15-year low, prompting hedge funds to take measures to manage risk while capitalizing on this historic rally [4][5] Group 2 - Hedge funds are shifting their portfolios by replacing long-term bonds with lower-risk, shorter-term bonds, focusing on higher-rated bonds and maintaining sufficient cash reserves [4][7] - The inflow of funds into emerging market bond funds has reached $31 billion this year, indicating a renewed interest in these assets amid a global market adjustment [7][8] - The Enko Africa Debt Fund, managed by Alain Nkounkou, has achieved a return of 24% over the past year, reflecting the favorable market conditions for emerging market investments [8]

Core Insights - Emerging market equities saw the largest inflow of funds since 2025 this week [1] - Inflows into emerging market bonds reached the highest level since January 2023 [1] Summary by Category Equity Market - The inflow of funds into emerging market stocks indicates a significant investor interest and confidence in these markets [1] Bond Market - The substantial inflow into emerging market bonds suggests a favorable outlook for fixed income investments in these regions, marking a recovery trend since the beginning of 2023 [1]